U.S. trade deficit totaled $901 billion in 2025, barely budging despite Trump's tariffs

The U.S. trade deficit swelled in December, closing out a year in which the imbalance was essentially unchanged despite efforts by the Trump administration to close the wide gap.

Closing out a tumultuous year in the global marketplace, the goods and services shortfall in December totaled $70.3 billion, the Commerce Department reported Thursday. That marked an increase of $17.3 billion from November and was well above the Dow Jones consensus estimate of $55.5 billion.

For the full year, the U.S. ran a $901.5 billion deficit, down slightly from 2024 but only by 0.2%, or $2.1 billion. The total was also a bit less than the record $923.7 billion shortfall in 2022.

The report follows a year in which President Donald Trump implemented a series of aggressive tariffs aimed at leveling the global playing field. In April, Trump announced an across-the-board duty of 10% on all imports as well as so-called reciprocal tariffs aimed at specific countries that had run up surpluses against the U.S.

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However, during the course of the year Trump softened many of those positions, and negotiations with major trading partners are ongoing.

In an effort to get ahead of the tariffs, companies front-loaded imports during the first three months of the year. The trend abated following the early effort, with October registering the lowest monthly deficit since 2009.

The U.S. had its largest goods deficit with the European Union, at $218.8 billion, followed by China, at $202.1 billion, and Mexico, at $196.9 billion.

Exports for 2025 totaled $3.43 trillion for all of 2025, up $199.8 billion from 2024. Imports also rose, totaling $4.33 trillion, an increase of $197.8 billion.